| For many people, buying an existing
| |
| | important factor in deciding whether or
|
| business sounds easier than starting one
| |
| | not to buy a business. After all, a
|
| from scratch. When you buy a business it
| |
| | primary reason you're buying a business
|
| is already established. It has an
| |
| | is to improve the quality of your life.
|
| existing customer base and built-in cash
| |
| | But remember that running a small
|
| flow.It sounds like the perfect answer to
| |
| | business will probably require long hours
|
| all your problems. No more 9 to 5. No
| |
| | and impose stresses on your family. You
|
| more working for someone else. No more
| |
| | need to determine how owning a specific
|
| rat race. No more layoffs.But, before you
| |
| | business will affect your life and your
|
| rush in and buy an existing business you
| |
| | family's happiness.To do this you need to
|
| have to make sure that the business you
| |
| | construct a lifestyle profile by asking
|
| buy is right for you and that you're
| |
| | yourself some questions. First, ask what
|
| right for the business. Otherwise, those
| |
| | your business and personal reasons are
|
| old problems can become even bigger
| |
| | for buying a particular business; second,
|
| headaches: No boss means no regular
| |
| | ask how your business ownership will
|
| paycheck. That 9 a.m. to 5 p.m. workday
| |
| | affect your family's lives; third, ask
|
| can be replaced by a 5 a.m. to midnight
| |
| | how it will affect your leisure time;
|
| shift, seven days a week. Layoffs or
| |
| | fourth, ask what the longer-term
|
| downsizing can be replaced with the
| |
| | lifestyle consequences will be; and
|
| scramble to meet the monthly payroll.The
| |
| | fifth, ask how a possible business
|
| upside is that if you choose the best
| |
| | failure would affect you and your loved
|
| business for you, and if know the secrets
| |
| | ones.Another critical consideration for
|
| of handling the purchase the right way,
| |
| | you is money. This involves finding out
|
| you can enjoy the pleasures and the
| |
| | how important it is for you to hear the
|
| profits of being your own boss without
| |
| | cash register ring. How much income do
|
| having to go through the groundwork
| |
| | you need to be successful, secure, and
|
| process of actually building it from
| |
| | happy? Will the business you're buying
|
| scratch.If you seriously want to buy a
| |
| | really provide what you need?All these
|
| business, you have to ask yourself, "What
| |
| | exercises may seem overly time-consuming
|
| kind of business is right for me? For
| |
| | and too focused on personality rather
|
| example, should it be a one-person
| |
| | than on the numbers. But the truth is
|
| operation? Perhaps, if you really like
| |
| | that your personality makes an enormous
|
| working alone. But a lot of people who
| |
| | difference in whether or not you will be
|
| take the one-person route find the work
| |
| | successful as a business owner.It's
|
| excessively demanding, the silence
| |
| | critically important to look as closely
|
| deafening, and the loneliness
| |
| | at your own strengths and weaknesses as
|
| disheartening.Before you decide to buy a
| |
| | at those of the business you're
|
| business, you should go through several
| |
| | considering. The alternative is to leave
|
| important exercises. First, find out what
| |
| | your business career and your personal
|
| size business you can afford. In making
| |
| | happiness to emotion, snap decisions, and
|
| that determination, understand that most
| |
| | chance. It's better to wait a little
|
| small businesses don't sell for cash.
| |
| | longer until you find the right business
|
| Many people purchase businesses only to
| |
| | to buy, rather than commit yourself to
|
| find out later that they paid too
| |
| | one that will feel wrong every day you go
|
| much.There is a key rule of thumb to
| |
| | to work.Even people who make a serious
|
| remember when you're buying a business;
| |
| | determination that owning a small
|
| the rule of two-thirds. This rule states
| |
| | business is right for them often run into
|
| that a business' cash flow must service
| |
| | trouble. In fact, studies show that of
|
| debt totaling two-thirds of the sales
| |
| | those who seriously look for a
|
| price. In other words, any business you
| |
| | high-profit small business, only one
|
| buy must have enough cash flow so that
| |
| | person in four finds one. The secret is
|
| after paying expenses, including your
| |
| | to look for your future business in the
|
| salary enough is left over to meet debt
| |
| | right places. And that's usually not in
|
| payments.When you find out how much cash
| |
| | the "Business Opportunity" section of the
|
| you have to invest in a business,
| |
| | newspaper, which advertises more "lemons"
|
| multiply it by three. That will give you
| |
| | and "plums."One place you might look is
|
| a rough dollar estimate of how much you
| |
| | at a business brokerage firm. But you
|
| can pay for a business. How do you find
| |
| | should know that your odds of landing
|
| out how much cash you have to
| |
| | your ideal business through a broker are
|
| invest?First, subtract your liabilities
| |
| | no less risky than flipping a coin. Some
|
| (mortgage, debts, etc.) from you assets
| |
| | brokerage firms seem to peddle a lot more
|
| (cash, securities, real estate, home
| |
| | dogs than diamonds in the rough. In
|
| equities, automobiles, etc.) The number
| |
| | contrast, other brokers concentrate on
|
| you come up with will be your net
| |
| | solid, profitable businesses. But their
|
| worth.Then, you'll have to determine how
| |
| | commissions depend on getting the highest
|
| much of your assets are liquid; either
| |
| | price possible, so they're in the
|
| cash or, as with stocks and bonds,
| |
| | seller's corner, not yours.The truth is
|
| quickly convertible into cash. That will
| |
| | that most of the small businesses you
|
| show you how much you can put down on a
| |
| | would want to buy are located in the
|
| business. But before you rush out and buy
| |
| | hidden market. How do you tap into that
|
| a business, you need to make sure you
| |
| | market? By bypassing the middlemen, and
|
| possess some very important personal
| |
| | going directly to small business owners.
|
| qualities such as, being goal oriented,
| |
| | You can find them by doing the
|
| persistent, independent, profit-focused,
| |
| | following:First, spend an orientation day
|
| self-confident, risk-oriented, self
| |
| | at your local library and identify and
|
| disciplined, street-smart, and
| |
| | become familiar with research sources.
|
| opportunistic.The next think you need to
| |
| | Second, decide on an industry or two to
|
| do is to determine what kind of business
| |
| | target. Third, use directories to find
|
| is best for you. To do this, make up a
| |
| | companies that are possibilities for you.
|
| list of your business "wants" and "don't
| |
| | Two good places to start are "The Guide
|
| wants." For example, how do your feel
| |
| | to American Directories" and "Directories
|
| about travel? About commuting? About
| |
| | in Print," which identify regional and
|
| hiring, firing, and managing employees?
| |
| | state directories that profile different
|
| About long hours? About dealing directly
| |
| | companies. Fourth, create a research
|
| with customers?Imagine your perfect job.
| |
| | worksheet for each company you're
|
| Concentrate on your thoughts and
| |
| | interested in. List the company name,
|
| activities, and not so much on
| |
| | address, phone number, president or
|
| responsibilities. Write down your
| |
| | owners, industry, products and services,
|
| thoughts and images as fast as they
| |
| | number of employees, sales, and other
|
| occur. A few days later, visualize
| |
| | data.As you continue to gather
|
| another, different ideal job. And then
| |
| | information, you'll be able to discard
|
| repeat this exercise.In analyzing your
| |
| | some companies and upgrade the most
|
| perfect jobs, you will probably find that
| |
| | promising ones. When you have a solid
|
| they have a definite pattern, one that
| |
| | list of promising small businesses that
|
| will indicate your interests. This
| |
| | you're interested in buying, you will be
|
| analysis will help you find a business
| |
| | ready for a crucial step: contacting the
|
| whose needs match with what you like to
| |
| | owners which we will cover in part
|
| do. That's vitally important, because for
| |
| | 2.Copyright©2006 by Joe Love and JLM &
|
| your business to succeed, it will require
| |
| | Associates, Inc. All rights reserved
|
| that you possess specific skills.Once you
| |
| | worldwide.Joe Love draws on his 25 years
|
| know the type of business you want to buy
| |
| | of experience helping both individuals
|
| and have identified your specific skills,
| |
| | and companies build their businesses,
|
| you need to decide if you would have to
| |
| | increase profits, and achieve total
|
| move the existing business. For example,
| |
| | success. He is the founder and CEO of JLM
|
| it's hard to relocate a retail business
| |
| | & Associates, a consulting and training
|
| because their success is often tied to
| |
| | organization, specializing in personal
|
| location and loyal customers. But for
| |
| | and business development. Through his
|
| most other businesses, location is not as
| |
| | seminars and lectures, Joe Love addresses
|
| important. You need to ask yourself the
| |
| | thousands of men and women each year,
|
| following questions: Would a move result
| |
| | including the executives and staffs of
|
| in cost reductions? Would a move result
| |
| | many of America's largest corporations,
|
| in a better labor market? Would a move
| |
| | on the subjects of leadership,
|
| result in a better business climate or a
| |
| | self-esteem, goals, achievement, and
|
| better economy?Lifestyle is a very
| |
| | success psychology.
|
